GRAND RAPIDS, Mich. (WOOD) – Family Christian Stores announced Friday the company has filed for Chapter 11 bankruptcy.
The company plans to restructure and has filed for a sale of its assets. Family Christian Stores does not expect to close any of its 226 stores or lay off any employees, according to a news release.
A newly formed subsidiary of Family Christian Ministries will serve as the lead bidder for the sale process. It will acquire the organization’s assets and maintain operation of the 266 stores in 36 states, as well as its website, according to the release.
The company is expecting to finish the sale process in the next 60 days, the release said.